Personal Loans in Jamshedpur

Personal Loan in Jamshedpur

Do you live in Jamshedpur? Are you looking for a personal loan in Jamshedpur and wondering what your options are? Read on!

Personal Loans in Jamshedpur

What is a personal loan?

A personal loan is an unsecured loan which can be used for any legitimate purpose. Its end use is not restricted which makes it an “all-purpose loan” such as funding your dream vacation, business expansion, remodeling your house, overcoming a crisis like sudden income loss, medical emergency, to purchase expensive consumer durables or simply to learn a new (expensive) hobby.

Since it is an unsecured loan, it comes with a high interest cost. Approval of the loan depends on the size of your income and your credit history. Following are some key features of a Personal Loan:

• Easy and hassle-free documentation process
• Quick processing
• Loan amount ranging from few thousands to several lakhs.
• Spot Approvals and over-the-counter loans available with leading banks like HDFC
• Loans for salaried & self-employed individuals.
• Special loans for professionals like Lawyers, doctors, chartered accountants, etc.
• Payment via EMI with flexible tenure ranging from 12 to 60 months
• No security/guarantor/collateral required to avail this loan
• Facility to apply online with most of the lenders
• Special offers for existing customers, like special interest rates and discounts on processing fees.

Disadvantages of a personal loan:

Personal loans are one of the costliest loans in the market with relatively high interest rates, as compared to other loans. The interest on a personal loan could go up to as high as 32% p.a. or even more, depending the severity of your credit situation.

To avoid unnecessary surprises after loan application, pull out your credit report first and check your credit score.

Personal Loans in Jamshedpur—Availability

All major banks offer personal loans in Jamshedpur. Popular banks and NBFCs that offer personal loans in Jamshedpur include: Vijaya Bank, SBI, Standard Chartered Bank, Bank of Braoda, Punjab National Bank, Canara Bank, Indian Bank, Corporation Bank, Yes Bank, RBL Bank, HDFC Bank, Central Bank of India, ICICI Bank, Bank of India, Axis Bank, Shriram Finance, Bajaj Finance, Fullerton, IDBI Bank, Citibank, etc.

Personal loans in Jamshedpur for salaried, self-employed, business people and NRIs are available.

Is it possible to get a personal loan in Jamshedpur with bad credit?

The possibility of getting a personal loan with bad credit depends on the severity of your credit situation, and the relationship you share with your lender. In case your loan application is accepted despite having a poor credit history, you will be offered unfavorable terms and conditions, like a high interest rate and high penalty for missing payments, etc.

It is always advisable to raise your credit score to a healthy number ( 700 and above), so that you are able to avail a personal loan at reasonably good terms and interest rate.

Eligibility for Personal Loan in Jamshedpur

• Age criteria: The applicant should be between 21 years to 65 years (at the time of maturity of the loan).
• Salaried, self-employed, and business professionals are eligible to apply. If you are not a regular wage earner, talk to your bank manager about your situation.
• Minimum salary for salaried people is typically Rs. 15,000 though the salary requirement depends on what tier of city you live in and the company you work for.
• Should be staying in the same address / city for at least 1 year
• Total work experience should be at least 2 years
• Should have a stable employment history.

You can check your eligibility for a personal loan in Jamshedpur online, on the lender’s website.

Documents Required for Personal Loans in Jamshedpur

For salaried / self-employed professionals:

Following are an overview of the documents generally asked while applying for a personal loan in Jamshedpur:

• Valid Identity Proof - Passport, Driving License, Voter ID Card, Aadhar Card, PAN Card (any one document to be submitted)
• Valid Address Proof – Lease/Rent Agreement, Passport, Driving License, Ration Card, Utility bill (not more than 3 months old), Bank Statement
• Income Proof Documents – Last 6 months salary slip and latest Form 16
• Bank Statements: Past 6 months bank statement with salary credit
• Continuity of employment proof, like offer letter, relieving letter, etc.

For the self-employed and those into business, the following might be requested for in addition to the above-mentioned documents.

• Degree Certificate / educational documents for self-employed professionals.
• Proof of business existence
• Last 3 years Income Tax returns (self and business)
• Last 3 years Profit /Loss and Balance Sheet, duly attested by a CA
• Any other documents as directed by the Bank or NBFC

Personal Loan in Jamshedpur With Low Interest

Lenders usually offer a low interest rate to those who have a good credit history. The interest rate offered depends on a variety of criteria including the loan amount applied for, existing EMI obligations, credit score and history, employer profile, etc.

Personal Loan in Jamshedpur FAQS

How to apply for Personal loan in Jamshedpur:

There are several ways to apply for a personal loan:

• You can apply directly online at the bank / NBFC's website;
• You can go in person to your nearest branch and apply with the required documentation

Need help? Alternatively, if you think you need help with your personal loan application and advice on loan eligibility, then CreditMantri can guide you through the whole process and match you with the loan offer that best suits your unique credit profile.